Commerce Bancshares, Inc. Financial Ratios — CBSH Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	25.49	27.52	27.96	27.98	28.56	31.79	39.8	54.52	52.64	47.92	77.73	71.6	69.67	73.61	73.24
Return on Assets (%)	1.31	1.26	1.15	1.11	1.09	1.1	1.27	1.72	1.63	1.2	1.52	1.42	1.5	1.65	1.74
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.45	4.16	4.06	3.95	3.93	3.63	3.26	2.92	3.05	3.25	3.15	3.1	3.12	3.25	3.2
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	36.3	38.17	37.19	35.9	35.23	35.6	35.28	41.08	39.4	32.76	48.13	41.9	39.07	40.84	41.4
Profit Margin (%)	24.42	25.79	25.25	24.44	24.22	24.45	26.18	32.73	31.21	26.29	37.22	32.36	30.08	31.64	32.03
Net Income to Common Margin (%)	24.42	25.79	25.25	24.07	23.4	23.65	25.44	32.05	30.54	25.4	37.22	32.36	30.08	31.64	32.03
Effective Tax Rate (%)	31.86	31.9	32.06	31.64	30.4	30.96	25.67	19.47	20.51	19.79	21.23	20.93	21.71	21.35	22.02
Dvd Payout Ratio (%)	30.1	77.36	31.42	32.43	32.52	32.33	29.42	23.1	27.33	33.83	22.29	24.91	27.31	26.75	26.12
Sustainable Growth Rate (%)	17.82	6.23	19.17	18.91	19.27	21.51	28.09	41.92	38.26	31.71	60.4	53.76	50.64	53.92	54.11

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	112	104	107	104	104	102	2	9	2	1	13	10	1	- -	13
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	112	104	107	104	104	102	2	9	2	1	13	10	1	- -	13
Total Debt/EBITDA	2.39	2.39	2.56	2.46	2.43	2.49	0.04	0.22	0.06	0.02	0.28	0.21	0.03	- -	0.23
Net Debt/EBITDA	-8.43	-14.93	-26.66	-22.79	-8.98	-16.25	-11.76	-30.74	-21.51	-49.9	-95.04	-17.76	-54.14	-62.37	-62.56
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.95	4.22	4.04	3.8	3.55	3.13	3.05	3.14	2.94	2.01	1.92	2.07	2.23	2.26	2.51
Long-Term Debt/Equity (%)	5.15	4.78	4.85	4.46	4.39	4.08	0.06	0.3	0.08	0.02	0.36	0.39	0.05	- -	0.34
Long-Term Debt/Capital (%)	9.83	9.93	10.3	8.94	9.21	9.67	0.19	0.91	0.26	0.12	1.73	1.41	0.19	0.01	1.49
Long-Term Debt/Total Assets (%)	0.54	0.47	0.47	0.43	0.42	0.4	0.01	0.03	0.01	- -	0.03	0.03	- -	- -	0.04
Total Debt/Equity (%)	5.15	4.78	4.85	4.46	4.39	4.08	0.06	0.3	0.08	0.02	0.36	0.39	0.05	- -	0.34
Total Debt/Capital (%)	9.83	9.93	10.3	8.94	9.21	9.67	0.19	0.91	0.26	0.12	1.73	1.41	0.19	0.01	1.49
Total Debt/Total Assets (%)	0.54	0.47	0.47	0.43	0.42	0.4	0.01	0.03	0.01	- -	0.03	0.03	- -	- -	0.04
Net Debt to Equity	-18.15	-29.86	-50.5	-41.31	-16.24	-26.58	-17.19	-40.48	-28.2	-64.24	-123.66	-33.53	-90.44	-101.21	-92.66
Net Debt/Capital (%)	-62.3	-222.26	609.31	-1,009.97	-60.16	-230.81	-107.21	499.95	-3,045.06	143.8	120.12	537.66	137.32	128.31	131.57
EBITDA	47	43	42	42	43	41	40	39	41	44	45	47	50	54	57
EBITDA-CapEx	25	8	18	-1	11	16	9	5	-1	11	-12	-18	-39	8	4
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.95	4.22	4.04	3.8	3.55	3.13	3.05	3.14	2.94	2.01	1.92	2.07	2.23	2.26	2.51
Long-Term Debt/Equity (%)	5.15	4.78	4.85	4.46	4.39	4.08	0.06	0.3	0.08	0.02	0.36	0.39	0.05	- -	0.34
Long-Term Debt/Capital (%)	9.83	9.93	10.3	8.94	9.21	9.67	0.19	0.91	0.26	0.12	1.73	1.41	0.19	0.01	1.49
Long-Term Debt/Total Assets (%)	0.54	0.47	0.47	0.43	0.42	0.4	0.01	0.03	0.01	- -	0.03	0.03	- -	- -	0.04
Total Debt/Equity (%)	5.15	4.78	4.85	4.46	4.39	4.08	0.06	0.3	0.08	0.02	0.36	0.39	0.05	- -	0.34
Total Debt/Capital (%)	9.83	9.93	10.3	8.94	9.21	9.67	0.19	0.91	0.26	0.12	1.73	1.41	0.19	0.01	1.49
Total Debt/Total Assets (%)	0.54	0.47	0.47	0.43	0.42	0.4	0.01	0.03	0.01	- -	0.03	0.03	- -	- -	0.04
CFO/Total Liabilities	2.2	1.92	1.73	1.67	1.31	1.97	1.93	2.45	2.24	2.11	1.8	1.9	1.7	2.02	2.22
CFO/CapEx	19.1	10.98	15.17	8.27	9.13	18.59	13.84	16.6	12.04	18.83	10.54	8.58	5.55	12.53	12.23
Altman's Z-Score	0.21	0.18	0.2	0.19	0.19	0.22	0.23	0.24	0.28	0.21	0.2	0.23	0.21	0.24	0.21

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	3,626	3,407	4,508	4,492	4,444	6,172	6,275	6,629	8,191	8,109	8,868	9,043	7,350	8,875	7,263
- Cash & Cash Equivalents	506	752	1,226	1,068	488	767	469	1,198	887	2,185	4,277	842	2,682	3,373	3,548
+ Preferred Equity and Hybrid Capital	- -	- -	- -	145	145	145	145	145	145	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	4	4	4	4	5	5	2	6	4	3	11	16	20	23	23
+ Total Debt	112	104	107	104	104	102	2	9	2	1	13	10	1	- -	13
Enterprise Value	-5,988	-6,760	-5,522	-5,847	-5,567	-3,992	-2,772	-2,947	-1,117	-6,521	-9,835	-4,011	-4,995	-3,612	-5,344
Total Capital	1,138	1,044	1,042	1,164	1,127	1,055	905	960	917	666	727	687	730	744	861
Total Debt/Capital (%)	9.83	9.93	10.3	8.94	9.21	9.67	0.19	0.91	0.26	0.12	1.73	1.41	0.19	0.01	1.49
Total Debt / EV	-0.02	-0.02	-0.02	-0.02	-0.02	-0.03	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	3,626	3,407	4,508	4,492	4,444	6,172	6,275	6,629	8,191	8,109	8,868	9,043	7,350	8,875	7,270
Diluted Enterprise Value	3,237	2,763	3,393	3,676	4,210	5,657	5,954	5,591	7,455	5,928	4,615	8,228	4,690	5,525	3,759
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	1,050	1,044	1,033	1,071	1,089	1,127	1,220	1,325	1,350	1,347	1,426	1,509	1,586	1,664	1,768
TTM EBITDA	47	43	42	42	43	41	40	39	41	44	45	47	50	54	57
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	407	384	362	361	291	455	427	553	513	624	598	559	489	578	645
TTM Free Cash Flow to Firm	429	419	386	404	323	479	457	586	555	657	654	625	577	624	698

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	8.46	8.13	11.69	11.1	13.76	12.87	13.72	11.31	14.75	12.34	13.55	14.48	12.74	14.22	10.42
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-5,988	-6,760	-5,522	-5,847	-5,567	-3,992	-2,772	-2,947	-1,117	-6,521	-9,835	-4,011	-4,995	-3,612	-5,344
Low Price	16.7	19.18	19.71	23.39	24.27	24.13	35.13	38.98	40.78	35.66	53.28	54.25	38.97	47.09	48.69
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	14.15	12.65	17.27	17.43	17.45	23.17	20.22	15.62	19.87	23.71	16.71	18.52	15.41	16.86	12.83
Price/Earnings Average	14.08	13.43	15.67	17.13	17.41	18.41	19.54	16.84	16.99	21.04	16.93	18.1	14.82	15.13	14.72
Price/Earnings High	15.55	14.69	17.6	18.19	19.32	23.73	20.97	19.14	20.08	24.71	19.23	19.75	19.28	19.69	16.88
Price/Earnings Low	11.68	12.43	12.97	15.27	15.44	14.29	17.9	14.47	15.22	15.64	14.99	16.27	11.8	12.74	11.93
Price/Book Value	3.55	3.64	4.84	4.93	5.09	7.69	8.29	8.28	10.7	12.24	12.61	13.68	10.37	12.3	8.81
Price/Book Value Average	3.53	3.87	4.39	4.85	5.08	6.11	8.01	8.93	9.15	10.86	12.78	13.37	9.98	11.04	10.11
Price/Book Value High	3.9	4.23	4.93	5.15	5.64	7.87	8.6	10.15	10.81	12.76	14.51	14.59	12.99	14.36	11.59
Price/Book Value Low	2.93	3.58	3.63	4.32	4.51	4.74	7.34	7.67	8.2	8.08	11.31	12.02	7.95	9.3	8.19
Price/Tangible Book Value	1.78	1.67	2.18	2.2	2.14	2.79	2.59	2.51	2.88	2.5	2.69	3.89	2.62	2.8	1.99
Price/Tangible Book Value Average	1.77	1.77	1.98	2.16	2.14	2.22	2.5	2.7	2.46	2.21	2.73	3.8	2.52	2.51	2.28
Price/Tangible Book Value High	1.96	1.94	2.22	2.29	2.37	2.86	2.68	3.07	2.91	2.6	3.1	4.14	3.28	3.27	2.61
Price/Tangible Book Value Low	1.47	1.64	1.64	1.93	1.89	1.72	2.29	2.32	2.21	1.65	2.42	3.41	2.01	2.11	1.85
Price/Sales	3.45	3.26	4.36	4.19	4.08	5.48	5.14	5	6.07	6.02	6.22	5.99	4.63	5.33	4.11
Price/Sales Average	3.44	3.46	3.96	4.12	4.07	4.35	4.97	5.4	5.19	5.34	6.3	5.86	4.46	4.79	4.72
Price/Sales High	3.8	3.79	4.45	4.38	4.52	5.61	5.33	6.13	6.13	6.28	7.16	6.39	5.8	6.23	5.41
Price/Sales Low	2.85	3.21	3.27	3.67	3.61	3.38	4.55	4.64	4.65	3.97	5.58	5.27	3.55	4.03	3.82
Price/Cash Flow	8.9	8.87	12.46	12.45	15.26	13.57	14.71	12	15.97	13	14.84	16.17	15.04	15.36	11.26
Price/Cash Flow Average	8.86	9.42	11.3	12.24	15.23	10.78	14.22	12.94	13.66	11.53	15.04	15.8	14.46	13.78	12.92
Price/Cash Flow High	9.78	10.31	12.7	12.99	16.9	13.9	15.26	14.7	16.14	13.55	17.07	17.24	18.82	17.93	14.81
Price/Cash Flow Low	7.35	8.72	9.35	10.9	13.51	8.37	13.02	11.12	12.24	8.57	13.31	14.21	11.52	11.61	10.47
Price/Free Cash Flow Average	8.42	8.64	10.61	10.92	13.73	10.23	13.26	12.2	12.61	10.95	13.73	14.15	12.26	12.77	11.96
Price/Free Cash Flow High	9.3	9.45	11.91	11.59	15.23	13.19	14.23	13.87	14.9	12.87	15.59	15.44	15.95	16.61	13.71
Price/Free Cash Flow Low	6.99	7.99	8.77	9.73	12.18	7.94	12.15	10.49	11.3	8.14	12.16	12.72	9.76	10.75	9.69
EV/Sales Average	3.07	2.85	2.88	3.36	3.86	3.9	4.71	4.61	4.64	3.72	3.32	5.32	2.78	2.77	2.73
EV/Sales High	3.42	3.17	3.37	3.62	4.3	5.15	5.07	5.35	5.59	4.66	4.17	5.85	4.12	4.21	3.42
EV/Sales Low	2.48	2.59	2.2	2.91	3.4	2.92	4.29	3.85	4.1	2.35	2.6	4.72	1.87	2.02	1.84
EV/EBITDA Average	68.91	68.44	70.92	85.11	98.14	107.22	144.58	158.01	152.36	114.58	105.53	171.21	89.05	85.35	85.39
EV/EBITDA High	76.92	76.24	82.95	91.52	109.49	141.88	155.74	183.26	183.27	143.33	132.64	188.44	132.07	129.67	107
EV/EBITDA Low	55.74	62.22	54.09	73.74	86.43	80.42	131.74	132	134.62	72.4	82.55	152.18	59.99	62.08	57.44
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	20.22	19.52	26.26	26.7	27.42	39.13	39.68	42.06	53.23	54.05	59.38	61.74	50.87	62.31	52.34
High Price	22.22	22.67	26.76	27.86	30.36	40.08	41.16	51.56	53.79	56.35	68.33	65.85	63.67	72.75	68.87
Enterprise Value Average	3,221	2,974	2,975	3,600	4,201	4,388	5,744	6,112	6,269	5,015	4,735	8,022	4,409	4,615	4,825
Enterprise Value High	3,595	3,312	3,479	3,872	4,687	5,807	6,188	7,088	7,541	6,273	5,951	8,830	6,539	7,012	6,046
Enterprise Value Low	2,605	2,703	2,269	3,120	3,700	3,291	5,234	5,106	5,539	3,169	3,704	7,130	2,970	3,357	3,245

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	176	173	172	165	159	158	158	156	151	150	148	145	144	141	138
Diluted Weighted Avg Shares	179	175	172	168	162	158	158	158	154	150	149	146	144	142	139
Basic Weighted Avg Shares	179	175	172	168	162	158	158	158	154	150	149	146	144	142	139
Revenue per Share	5.85	5.98	6.02	6.37	6.72	7.14	7.72	8.4	8.77	8.98	9.55	10.3	10.98	11.68	12.74
EBITDA per Share	0.26	0.25	0.24	0.25	0.26	0.26	0.25	0.25	0.27	0.29	0.3	0.32	0.34	0.38	0.41
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.43	1.54	1.52	1.53	1.57	1.69	1.96	2.69	2.68	2.28	3.55	3.33	3.3	3.7	4.08
Basic EPS from Cont Ops	1.45	1.56	1.52	1.56	1.65	1.76	2.02	2.78	2.75	2.36	3.62	3.41	3.36	3.75	4.11
Diluted EPS, GAAP	1.43	1.54	1.52	1.53	1.57	1.69	1.96	2.69	2.68	2.28	3.55	3.33	3.3	3.7	4.08
Diluted EPS from Cont Ops	1.45	1.56	1.52	1.56	1.65	1.76	2.02	2.78	2.75	2.36	3.62	3.41	3.36	3.75	4.11
Dividend per Share	0.44	1.21	0.48	0.52	0.58	0.61	0.64	0.69	0.8	0.85	0.82	0.87	0.93	1.02	1.08
Cash Flow per Share	2.27	2.2	2.11	2.14	1.8	2.88	2.7	3.51	3.33	4.16	4	3.82	3.38	4.06	4.65
Free Cash Flow per Basic Share	2.15	2	1.97	1.89	1.6	2.73	2.5	3.3	3.06	3.94	3.62	3.37	2.77	3.73	4.27
Cash & Equivalents per Share	54.26	58.87	59.08	62.96	63.33	66.04	58.15	61.77	61.47	97.54	125.4	89.3	85.59	87.83	91.11
Book Value per Share	5.7	5.36	5.42	5.41	5.39	5.09	4.79	5.08	4.97	4.41	4.71	4.51	4.9	5.07	5.94
Tangible Book Value per Share	11.36	11.69	12.04	12.14	12.81	14.02	15.35	16.78	18.49	21.66	22.06	15.89	19.4	22.27	26.34

Commerce Bancshares, Inc.

Profitability (USD)

Credit (USD)

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Enterprise Value (USD)

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Per Share Data Items (USD)